Italian automaker Fiat SpA has agreed to buy the remaining stake of Chrysler Group held by the United Auto Workers retiree healthcare trust, paving the way for both carmakers to finally merge.
Chrysler
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Ford chairman Bill Ford, Jr. invested in San Francisco-based startup QuickPay through his venture firm Fontinalis Partners to help improve on-street and off-street parking experience.
As the process to close the Fiat-Chrysler merger ongoing, automotive news site Autocar observed that Fiat had stopped its development plans on its Alfa Romeo vehicle series.
Chrysler amended some of the statements it made for its initial public offering filing.
VEBA Trust pegs shareholdings at USD3.6 billion.
Fiat CEO Sergio Marchionne had discouraged investors in a conference last week to participate in the upcoming debut of Chrysler Group, said a Reuters report.
Fiat and Chrysler CEO Sergio Marchionne are far from reaching a settlement on the pricing conflict as to the health care trust fund's shareholdings.
On Monday, Chrysler Group LLC filed for an initial public offering after being compelled by United Auto Workers, the company's minority shareholder.
Chrysler CEO Sergio Marchionne told the Financial Times that Chrysler would be ready to file for an IPO this week.
According to a Delaware judge, ample time would be needed prior to the start of the trial for the Fiat-Chrysler deal.
Fiat failed to persuade a Delaware judge to put prices on some Chrysler shares, resulting to a delay in its planned merger.
Fiat's options to purchase VEBA shares is in dispute as to the valuation of the shares.
Fiat is going to earn more from Chrysler this year.
Fiat SpA can technically head off the Chrysler IPO through a buyout according to its CEO Sergio Marchionne.
Chrysler Jeep is looking for a Chinese partner for the manufacture of the vehicle in China.
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